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CNBC
Nov 6, 2012 4:00am EST
speeches, fund-raisers, they're all over. now comes down to u.s. voters. more than 120 million are expected to show up at the polls. >> and european investors are holding off on big moves. equities just edging higher led by technology stocks. >> and adecco sees hiring picking up in america. >>> we're finally here, election day in the united states. before that, we have the latest pmis out of the eurozone. economy declined steepening going into the fourth quarter. the final services pmi lower than the flash. it was 46.2 was the flash. lowest since july 2009. that means the composite final pmi 45.7. the flash 45.8. french services pmi weakened, also. 46.2. so both those major parts of the eurozone economy -- >> and remember, this is a leading indicator. if you see europe doing any better next year, you have to start seeing at least this indicator bottoming. >> dollar just dipped down to its lowest point of the session on the back of that. and of course we've got in spain they're talking about the groth being much weaker than the government's forecast. >> even though their service might have b
CNBC
Nov 28, 2012 4:00am EST
, so whether the u.s. down there or italy and spain here in the periphery, 4.7%, 6%, remarkable there, level for spain even today as the country's banks are being more fully examined in light of the national examination plans. the dollar/yen pulling back about half a percent to 8167. let's get to deirdre bolton from singapore. hi, deirdre. >> hi, kelly, how are you? and it's morris, by the way. but i'm flattered that you call me bolton. in china and hong kong, it was all about, what else, the fiscal cliff. those comments from the senate majority leader harry reid overnight really sparked some jitters in this session today, so we have red across the board. the shanghai composite, it is well and truly below that 2011 level, shedding another .9 of a percent. the hang seng was feeling some of that pressure from chinese stocks and shedding .6 of a percent. it was the mainland banks that were the culprit. they didn't fare as badly if the mainland. some capital requirement rules are going to be implemented that are raising concerns about loans and the ability of these major banks to give out
CNBC
Nov 9, 2012 4:00am EST
the handover of power in china will impact relations in the u.s. >> we're in london to talk about shipping trends. >>> plus what will obama do about the looming fiscal cliff? we'll have plenty of analysis from commentators. >> and we'll hear first from the cfo of aliance. but first day two data suggested growth is picking up and inflation is moderating meaning beijing may have more scope to ease if necessary. ppi industrial output and retail sales all came in better than forecast. eunice joins us from beijing. i'd hate to suggest this is quite good timing for this data. very convenient. >> what are you suggesting? a lot of people are saying that the numbers are showing the economy is bottoming out and a lot of people do use the numbers as a guideline at least. they're saying the investment figures were encouraging. looking relatively strong. the government hasn't put up of much money in the infrastructure projects, so that's part of the equation here. other part is retail and consumption side actually look pretty good. numbers came in at 14.5% growth and that beat expectations. a lot of th
CNBC
Nov 2, 2012 5:00am EDT
>>> welcome to worldwide exchange. here are your headlines. the final set of numbers on the u.s. jobs market before the election are out in just a few hours forecasts calling for another month of modest but not stellar payroll growth. >> dow, nasdaq post strongest session since mid september. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in th
CNBC
Nov 5, 2012 4:00am EST
here. the u.s. allegatielections and redskins lost. >> we will mention the redskins indicator, but it's true whether the u.s., china, greece, eurozone itself would make for a big week, but combine them all together, in fact it's no wonder that markets are a little unnerved. >> coming up today, plenty to get through. we're at singapore where hundyui shares are down. >> and here in london, uk pmi data will be out. the question whether it will follow an upward trend. >> and china preparing for the once in a decade political handover. we'll take a lower look at the new leadership. >> when the redskins win or lose, it has predicted the top winner since 1980. there has been a notable expossession of 1984. >> although gore did win the popular vote but not the electoral college. >> in 2000. >> that's right. >> the all-important football -- i should say american football indicator here. it points towards a romney victory. >> besides all that, plenty corporate news. hsbcs has set aside an additional $800 million in the third quarter to deal with the u.s. anti-money laundering probe. that brings
CNBC
Nov 12, 2012 4:00am EST
, that trade officials see challenges ahead. most recently, over solar panels. the u.s. has approved steep trade tariffs, a move officials here say could backfire and cost american companies this market. >> translator: someone asked me are you in a trading war with the united states? i said no. i hope we can sit down and discuss and try our best not to get involved in trade war. but i must say when others tackle businesses, i have to protect our businesses. >> policymakers also attempted to ease concerns about a brewing debt crisis here. >> translator: the bad loans have been on the rise this year, mostly due to the difficulties in management of some industries. but the overall bank as a quality stable and the risk is under control. ratio almost the same as that at the beginning of the year, far lower of the world's major banks. >> regulators and bank executives said that chinese banks have spread the loans across several different sectors including steel and solar panels help to go mitigate the risk, however there is still widespread concerns that overcapacity in several of those industri
CNBC
Nov 8, 2012 4:00am EST
in the u.s. we'll head out to new york city later in the show for a preview of what to expect on wall street today. and more than 2,000 hand picked chinese delegates gathered at the great hall of the people to kick off the communist party week long transition. beijing will only officially reveal the next generation leaders thursday. hu jintao promised political and economic reform, but he stressed china won't abandon one party rule and will stick to the socialist path. eunice is live for us. this is his big final speech, so reading in sort of between the lines almost is very telling. it's the legacy he's trying to cath. and what less gassy is that? >> many here believe what he is saying is significant in that it is his final farewell. he really was just reading through the work report to talks about the achievements, the economic and political achievements that the party has had. and also to outline the future challenges. one of the first challenges you had already addressed is the issue of corruption. he said the government needed to do more to root it out. >> eunice, we're having tr
CNBC
Nov 19, 2012 4:00am EST
's shift to democracy in a first ever trip by a serving u.s. president to the country. but he cautions that his trip should not be seen as an endorsement of the country's sgoechlt. and oil futures hitting a two week high as international pressure mounts for a cease-fire in gaza. u.n. secretary general ban ki-moon is heading to cairo for emergency negotiations. good morning, welcome to the program packed full of fantastic guests to give you you updates and analysis on where we are in trade. if europe, higher by 0.8%. coming off the 3 1/2 month low that we saw in the close on friday, helped along by optimism on the negotiations to avoid a fiscal cliff state side. we saw quite a rally in the u.s. on friday's close and that is feeding through to europe here this morning. ftse 100 higher by 09%, xetra dax by more than 1% and ibex 35 more than half a percentage point. the bond markets, the question is whether or not we'll see a lid on on bond prices on treasuries especially if we manage to overt a fiscal cliff scenario, if we see productive talks continuing. right now we're seeing the yield
CNBC
Nov 1, 2012 5:00am EDT
>>> these are your headlines. >> a tough start to a new month for equities as all through u.s. indexes snap a four month winning streak in the first day of trade after the market shut down. >> campaigning resumes as the northeast assesses the damage from super storm sandy. good and big earnings day for oil giants giants. shell sees a fall and exxonmobile due to report before the opening bell. >> growth recovery may be near. official october pmi bouncing back into expansion territory. >>> we're under way just one hour and an awful lot to to get to. >> new york city still struggling to right itself after monday's super storm. one stap he have the big apple will return, the mta will resume partial subway service on 14 lines. la guardia airport will also reopen at 7:00 a.m. with limited service. amtrak says it will try to restore service to penn station come friday. >> homes in bay ahead are seriously damaged or destroyed. president obama got a firsthand look with governor chris christie yesterday afternoon. >> and danielle lee joins us, she's in the town of toms river. and we kn
CNBC
Nov 27, 2012 4:00am EST
soared on cyber monday. and all bets are off. prediction market entrade says it can no longer accept u.s. customers as market regulators say its trades aren't legal. shanghai composite closed below 2,000 for the first time in three years. it comes at a time when plenty have been talking up chinese growth prospects for next year. so we'll get into that more later. but 1991 is the closing level. this the main one to watch across asia. the nikkei did manage to continue it rally adding about 0.4% as the yen weakens on comments this morning. forex, the dollar-yen one to watch, 82.19 is the level there. the aussie dollar doing a little bit abouter despite that weak number on the shanghai composite. sterling is flat. we'll get into that more later. and euro-dollar just barely higher today, we did see it rallying over the 1.30 mark last night. as we look at crude rallying adding a third of a percent. brent about a quarter of a percent. copper, we're adding 0.2%. 354 bucks on that contract. the real foe you can as we continue to examine whether china's economy is fundamentally hanging in there, c
CNBC
Nov 29, 2012 4:00am EST
in the u.s. yesterday. take a look at the bond wall here of course we have an italian auction coming up later and italy's ten year, below 4.5% this morning. so price rising. that yield falling. spain also benefiting. that yield down to 5.2%. bunds creeping back up to 1.4% level. let's key in on currency. the aussie dollar despite the broader risk-on attitude a weaker. dollar-yen moving higher 82.13. and the nikkei is adding to its string of gains throughout the month. euro-dollar rebounding off yesterday's trading session to add 0.1%. let's check in on how the asia trading session went overnight and for more, deidre wong morris joins us from singapore. >> well, it was a very good session over here, as well. headline driven. but a good session on the back of that optimism for fiscal cliff talk. all except this glaring spot of red. shanghai composite finishing lower for yet another session. it keeps falling further and further. doesn't seem that there is anything that policymakers or investors can do to lift sentiment in this market. different story in the hang seng, rebounding up about 1
CNBC
Nov 20, 2012 4:00am EST
after good gains yesterday. following strong moves in the u.s., as well. cac 40 down half a percent. weighed town by the moody's downgrade, although expected. and ibex done around 0.4%. french debt market, yields are up to 2.1%. treasuries slightly higher, but still below 6%. ten year bund yields slightly lower. so france is trading with the peripheral in that sense. euro-dollar, 1.2794 is where we stand, dipping slightly on on the back of the french downgrade. dollar-yen 81.26, but the yen has been down at acceseven mont lows. aussie dollar slightly weaker against the u.s. dollar. rba minutes suggesting that their policymakers consider further monetary easing may be appropriate. still to come, we'll be in athens and brussels. euro group reportedly close to signing off on the next tranche aid. i always wait until the last minute. can i still ship a gift in time for christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. get on e-trade. set up a real plan. frank!
CNBC
Nov 30, 2012 4:00am EST
on december 7th. they priced the range at the moment of their indicative range. it will be a 3.1 u.s. billion dollar ipo and that would be hong kong's largest in about two years. looking at some of the other markets, the kospi finished with somes losses down 0.1%. asx finishing up 0.6%. let's get over to the november performances because it was a pretty good showing for the month. nikkei of course the outperformer. kelly mentioned the yen. it has been weakening against the u.s. dollar and that has been providing a lot of support. also directly related to politics in japan. this has been in focus over the last month or so. opposition leader expected to be the next prime minister when the country votes. so he has been talking about a lot of aggressive monetary easing and talking about an inflation target of about 2%. so stocks have really been on a roll. the kospi finishing up with just about 1.1% gain in november. we have the asx finishing just slightly lower about a quarter of a percent. and the hang seng continues to win finishing i believe a third month of gains up 1.8% in the month of nove
CNBC
Nov 13, 2012 4:00am EST
.1 million barrels a day. impact of hurricane sandy in the u.s., reduced, as well. crude oil supply dipped to a nine month low. so the demand being cut, patrick armstrong is where us, managing partner at investment managers. but that's clearly because of global weakness -- well, economic weakness in europe and hurricane impact. >> definitely. year over year, oil demand is up. we've had very weak economy in europe. not much growth in the united states. but i think that's the trend we'll be playing out for the next few years. >> oil 110 at the moment. is that a fair price? >> there's premium built in because of geopolitical risks. i think premium is probably justifiable. you look at wti at $23 discount to where breptd is. that's not sustainable in the long time, but given inventory levels, that will stay. >> do you keep your trade on oil? >> we have neutral position, but we're short the front month. respe respect. we make money by rolling the contracts the other way around. we're long oil in the 12 months forward rolling in to the 13th month and we end up with little more oil with that strat
CNBC
Nov 15, 2012 4:00am EST
advisers austan goolsbee on how the u.s. can avoid falling off the fiscal cliff. plus we'll take you live to tokyo with japan hit by election fever. the yen is falling as a repeated call for bold monetary easing. and we'll be live in new york 5:45 a.m. for a look at the u.s. retail sector. walmart and target getting set to release third quarter numbers. >>> chig that's ruling com uhe nus party has lifted the curtain. the unveiling seals so s xi jins rise. hu has seeded oig all powers and that's gives china's next leader a strong mandate. eunice has more for us this morning. it sounds like a pretty signature consolidation of power under xi. >> definitely is a consolidation of power. he'll get a very strong mandate as you had mentioned to run this country the way that he wants. he gets the three top titles, the most powerful are party chief, president as well as military commander. that is very significant because it allows him to have more control over his own agenda. when he went to meet the press this morning, he was looking very casual, looking a about folksy. when he was youtd lining t
CNBC
Nov 2, 2012 4:00am EDT
, china and the u.s. doing slightly better. not saying they're growing very fast, but they're not detak deterioratin deteriorating. that's very important. and in europe, you have a situation where i think the degradation is possibly troughing. >> given everything we've heard, i think if we didn't have this going forward, i think there may well be. but a lot of bad stuff coming in the corporate earnings from the made being a crow in europe. >> this is not a market being supported by earnings. the market is being supported by liquidity, asset allocation shifts out of bonds and people prepared to take a view the long term pe. if we look at the 1442, if we can get up above that level, then the rally is back on. but we were at a very important technical point yesterday. the second thing we're looking at today is the euro-dollar. the rate has been very stable, but it's been highly correlated with the s&p. about 80% correlated. the historic relationship is between plus or minus 20% correlation. it's a bullish figure that people will start to look at asset classes differently from each other. b
CNBC
Nov 26, 2012 4:00am EST
the central bank says it has to do more to show it's serious about stimulating growth. and in the u.s., consumers filled up their shopping carts. early estimates show sales up 13% over the lost holiday weekend. >>> welcome to the start of a fresh trading week. kelly will be back tomorrow. catalonia voters have handed the majority to the separatists, but not necessarily the ones you thought. we'll assess the impact. and investors worry among protests over the egyptian president's attempt to increase his power base. and how much would it cost you to buy all items in the song 12 days of christmas? pnc wealth management will tell us why it's a lot more than you might think. plus shoppers hitting the net today, the year's biggest day for online purchases. we'll asset how much cash shoppers have left over after black friday's billion dollar be in an sa. bonanza. we have some confident data out of italy. november consumer confidence 84.8. that is a record low. we've had protests, as well. they're gathering in brussels to try to hammer out a deal on the greek deficit. prime minister says they
CNBC
Nov 16, 2012 4:00am EST
the stage for a possible comeback. >>> and president obama meets with top u.s. lawmakers to begin budget talks as the fiscal cliff looms. both sides are digging in their heels on on tax hikes and spending hikes. against all of the political changes we're seeing today, first i want to show you the market action. stoxx 600 is sitting roughly flat, but we've seen interesting trading session where the nikkei really surging to the up side again today. more on that in a bit. take a look at what's happening across europe because after a couple of uglier days in the market, we're seeing something of a comeback now led by technology, retail stocks are also in the green, food and beverages, autos among the sectors dragging on the in-dek. we can take a closer look at the bourses. ibex is down. ftse 100 sam thing, so we'll keep an eye on all these levels as the show progresses this morning. the bond space is where we've been focusing our attention with spain and greece on. spain today seeing prices rise, yields coming down to 5.78%. italy seeing a bit of a rally, too. selloff for britain and bund oi
CNBC
Nov 21, 2012 4:00am EST
for you. right. >>> research in motion may be losing another big u.s. customer. the national transportation safety board may switch from blackberries to apple's iphone. they have failed at inopportune times and the iphone would better link to the ipad. last month, the immigration and customs bureau switched to the iphone. you can see that we do have that stock price up about 8%, though, in u.s. markets yet. >>> still to come, i talk retail spending, online trends and holiday shopping with phillip green. plus, a rather well-known famous pop singing shopper. >> quality and it's comfortable. there you go. >> what's better than that? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on groupping at fedex office. >>> after nearly 12 hours of talks, the ecb and imf officials failed in their request to agree conditions -- officials did agree to meet again ne
CNBC
Nov 14, 2012 4:00am EST
about the u.s. economy. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> hello. welcome to today's "worldwide exchange". >> 40 unions in 23 countries. that's the strikes that are planned across europe today. so if you thought there couldn't be any coordination, there is coordination. >> how are we going to be affected? >> you know, air travel, surprisingly, they have had to have a lot of cancelling due to strikes. >> we're fully at our jobs. there's two hours of it today. let's remind you exactly what's coming up. we'll have updates from beijing throughout the program as the new generation takes the first step towards leadership. >> and we're in london. talk to the ceo of wpp, martin sorrel. >> we discuss japanese banks. >> and the latest on cisco from silicon valley as the network equipment maker warns of slowing growth this quarter and some falling demand in europe. >> more than 2,000 delegates have cast their votes for china's new central committee, marking the end of the week long communist party. the world will have to wait one more day
CNBC
Nov 12, 2012 6:00am EST
the changes could mean. >>> welcome back. take a look at the u.s. equity futures. dow and s&p coming off their worst week since july 4th. you can see they are indicated higher, but maybe not the bounce you might have expected. the dow up 23. >> squawk sports new, texans beating the bears 13-6. foster finished with 102 yards rush and touchdown catch and texans intercepted cutler twice before knocking him out with a concussion. >> no comment about the jets? >> they lost. >> andrew, here's the deal. >> did you see rex ryan -- >> the giants won the super bowl last year. a lot of people have told him he's fat and he should shut up. he's not fat anymore. she just shut up. but sanchez, you brush up against him and the ball goes flying out. >> they've been going back and forth. >> when the giants are the defending the super bowl champions and they got their butts kicked by the bengals and the other game unbelievable is johnny football. texas a and m and alabama, that was unbelievable. alabama number one. texas a and m just joined the sec. and this guy johnny football, you just can't believe the
CNBC
Nov 22, 2012 4:00am EST
a favorable external environment, meaning u.s. not going into this deep due to the fiscal cliff. and also signs of improvement in asia. >> meanwhile the french pmi says the survey there suggests a 0.7% gdp drop in quarter 4 for france. >> that seems quite large. we've seen in recent quarters numbers out of front which were higher than suggested by the pmis, however, they then revised down q2. so i'm looking for a contraction of 0.3 in france quarter on quarter in q4. >> what's going to change things, ricardo, what will turn things around? >> i think on the policy front, not much one can effect. fiscal policy will remain tight next year. the ecb doesn't have a huge margin to ease policy. i'm expecting that they will cut the refinancing rate. but i don't think it will go to negative rates for now. so they can only do perhaps 25 basis points on the main refinancing rate. the omt bond buying facility can only be activated if one of the countries apply. and it doesn't look like neither spain nor italy will apply anytime soon. and anyway the bond yields have declined quite a bit compared to jul
CNBC
Nov 23, 2012 4:00am EST
such a thing as a fiscal cliff like you have in the u.s. the old budget simply takes over up a new budget has been agreed on. so there is no financing disaster in the middle of it. the curious crux to this is if this old budget takes over because of the in-build qui sooif inflation factor in there, it's actually than the new budget they're debating right now, so all the countries pushing for the cut and even putting the threat on the veto on the table, they will actually chief the opposite. we'll keep on spending more even then with a sort of slide budget increase that the eu commission put on the table. and as to where the negotiations stand, i think at the moment the budget talks, pardon to be cynical, but political posturing on the various side than the actual effects in there. because if you look at the mound that the various countries put up into the budget, i think like 9 billion and that is already one of the biggest, we just save banks and sovereigns for hundreds of billions of bailout funds. so in terms of the actual money, this is absolute small cheese. >> absolutely is. silvia, for
CNBC
Nov 12, 2012 1:00pm EST
we have been hoping for for four decades now will arrive and the u.s. will serve up more oil than saudi arabia in the year 2020. that according to a new report by people who actually do know the oil business very well. >>> and sex and the ceo. and the collateral damage. how widespread is sex at work? we really want the answer to that question? >>> what should the consequences be. >>> and no hockey. forget about that. no problem. look what the world of auto racing brought us over the weekend. a brawl! another black eye for a sport that corporate america was counting on? no fighting here at cnbc. sue's with me here again. nice to have you here, sue. >> it is great to be here, ty. those "fast money" guys got me all riled up over there. they're having a good time. >>> we're going to take a look at the markets right now. dow jones industrial average has turned into positive territory, not by too much, but hey if you're a bull, we'll take it. the s&p is up two. the nasdaq up almost eight on the trading session. >>> we here at cnbc, as you do, follow the energy sector very closely on "po
CNBC
Nov 5, 2012 12:00pm EST
guest thinks you should stay away from all u.s. stocks regardless. rob arnott runs research affiliates and is from pimco all asset funds. >> why do you think either one is negative for stocks? >> first, there are differences between a romney victory and an obama victory. but there are comal tis. whoever wins faces a daunting four years and inherits a bitter chalice. we have an addiction to debt financed consumption. obama clearly will want to continue to pursue the policy. romney may want to reverse it but may find it is politically impossible to do so. eventually you hit a greek-style wall. now that's a danger affecting both potential presidential victors. now the implication of that is how do we invest? >> that's the next question. >> most investors have the lion's share of their money tied up in main stream u.s. stocks and bonds, comparatively little invested in a third pillar. if the first pillar is stocks, participating macro economic growth. if kbrout is slow, which it will be then that pillar is week. if bond yields are negligible which they are that pillar is week. if inflation
CNBC
Nov 12, 2012 9:00am EST
timetable. if they don't see that it would be inconsistent with maintaining a aaa rating. the u.s. is on negative outlook. s&p already downgraded. >> i think that we all kind of remember what happened -- i think that the big worry on the left side would be i think listen, nothing happened. interest rates went down again. that's a scare tactic. i'll use a scare tactic. $600 billion in new taxes january 1. that's reality. >> unemployment going back to 9.1 if this happens. that's a number that gets your attention. the "times" does a nice piece about fix the debt group. groups of very large companies trying to weigh in on their own side with ads. i don't know if we have them right now. nike with a mock nike ad that says just fix it. mcdonald's saying i'm fixing it. >> home depot. we can fix it. >> that group raised a lot of money over the last year or so. $30 million, $40 million, more than you might have anticipated to mount this public campaign. >> dave is doing a lot of great things. ceo of honeywell. wants to put aside -- i don't know if he's a democrat or republican. i know he's
CNBC
Nov 30, 2012 12:00pm EST
the -- in the u.s. to grand bargain and we see growth begin to accelerate the second half of the year, overall 2 1/2% growth, and the emerging economies continue to come back, we're more optimistic i think, pete, on that happening. we think the combination of the two creates a great underpinning for material -- the material sector in general and that is one reason we're positive on that particular sector. >> this time last year we sat here and every investor and everybody, every manager was wore bitd europe and what it would look like in 2012. i haven't heard you mention europe once in this conversation. >> right. >> are we past the crisis point and past the point where it is a major headwind for the market moving forward? >> we are worried about europe. we think next year at best you see for europe overall zero percent growth with southern europe still in a recession. but we don't -- we think it is stabilized. we think the ecb is forced to do more easing which will put again more of an underpinning under it. but look. we're under weight. we like equities. we like emerging market equities. we're u
CNBC
Nov 15, 2012 1:00pm EST
thought to the findings of the congressional committee on the culpability of jon corzine, the former u.s. senator with respect to the mf global collapse. >> i think it is no surprise that corzine gets all the blame there from republicans. they want to embarrass a guy who's got democratic connections. he was to blame. he made these big bets. the more interesting thing to me is the extent to which it shows that the s.e.c. and the cftc were completely at odds with one another, not in sync, and makes the argument strongly for merging those two. it does make the case more strongly for merging those two agencies. >> thank you very much, ben. we'll talk more about that congressional report in our next half-hour. simon? >>> tyler, in 53 minutes, a major news conference begins in which we're expecting an announcement that bp, british petroleum, is agreeing flou to pay the u.s. government a record fine for the disastrous oil spill in the gulf of mexico. what was it? two years ago. bertha coombs has details. bertha. >> that's right, simon. they will admit guilt and pay the largest fine ever by a u.
CNBC
Nov 29, 2012 2:00pm EST
, very optimistic forecast that we will see the u.s. as the world's largest oil producer by 2017. passing russia, surpassing saudi arabia. some critics have said that might be a bit too optimistic. what do you think? how did you reach that conclusion? >> i think this is very, very modest growth we expect in fact from natural states. mainly driven by tight oil, shale oil. if you look at the next years, we expect u.s. shale oil to grow 3 billion barrels per day and this will make u.s. the leader of global oil production overtaking saudi arabia and russia. and at the same time, the natural gas production is also going to increase significantly and as a result of that, we expect u.s. will be the top natural gas producer of the world, around 2015, overtaking russia. >> one of the things that's so key here, you mention unconventionals and the big boom that we're seeing here. but something else that you had in your report that hadn't been mentioned as much is the fuel efficiency that you see helping as well. how much does that contribute to what your forecasts are? >> exactly. when we say that u
CNBC
Nov 8, 2012 6:00am EST
. u.s. equity futures should be interesting to look at temperature basically on hold. not sure what to do after yesterday. we'll talk more about the economy in a minute with david rosenburg. it was pretty clear yesterday that depending on how you wanted to spin it, could you say how do you do for another four years. i don't remember any euro news in the last six months no matter how bad it was, we didn't get it free handle. so there's more to it than just europe. >> it was the fiscal cliff, but also the financials got hit so hard. if it had been romney, the cliff would be less of a deal because they would stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my q
CNBC
Nov 12, 2012 5:00pm EST
arabia being overtaken by the u.s. as the top oil producer in the world by o2020. saudi arabia is the second largest oil exporter to the u.s. this change is going to happen because we have already started to see a change in the unconventional sources of gas and oil and the growth there is really what is helping to make what this agency is saying energy independence be able to become a reality for the u.s. by 2035. the other key thing to keep in mind it is natural gas leading the way in terms of the globalal gas production. it will make up half of gas production by 2035. a lot of thatoming from the u.s. what all of this means in terms of the global energy trade is that we will see a shift in terms of the diversification and build up in supply. we will have a change in terms of where the middle east oil is going, as well. 90% of that is expected to go to asia by 2035. >> i'm curious what the temperature on the floor was on this report. do people buy this? >> a lot of traders say it is already priced in when you look all the way out to 2017 and 2020 we are seeing that priced in an
CNBC
Nov 20, 2012 9:00pm EST
army had been stolen from the ministry of defense by the very people the u.s. entrusted to run it. >> that's a lot of money. >> it's one of the biggest thefts in history, i think. >> most of the iraqi officials involved, including the former minister of defense, have skipped the country, but we found one of his deputies vacationing in paris. if you went back to baghdad, you'd be arrested. >> uh, no. nobody will arrest me. they will kill me. [ticking] [camera shutter snaps] >> these surveillance photos were taken by undercover police officers while they watched a team of seven south american thieves clean out an old navy store. >> shirts at $22.50, and they got the whole rack. >> when police moved in to make the arrest, they found enough merchandise to fill a room. all taken in less than an hour without anyone inside the store noticing a thing. [ticking] >> we have never seen a problem of this size and magnitude in world history. >> now hang on. in world history. >> there's more counterfeiting going on in china now than we've ever seen anywhere. >> name an american brand. any brand
CNBC
Nov 27, 2012 2:00pm EST
at the end of this year and we will be manufacturing those products in the u.s. rather than in china what we found is that its duties increased in china, labor increased in china and the cost of getting the product back going up. we can manufacture here cheaper than china. >> this is not just a patriotic move h you are think like a ceo, a balance sheet, profit mode, saying to our viewers are you can manufacture goods in america probably better quality, by the way, for less or the same as china? >> these correct. when you consider the overhe shall all cost, actually cheap in the u.s. as in china. the other thing, we don't have the working capital tied up in inventory, react more quickly to our customers, we manufacture here, what their needs are we can quickly react to what their changes are. we found it an advantage. >> i'm sure you hang out in the co clubs i hear about but never get invited >>> to you think other manufacturing ceos do the same as you? >> products similar to ours and put numbers down on a piece of paper it is a very compelling argument to bring it backs to the u.s. >> in par
CNBC
Nov 15, 2012 6:00am EST
economics. back here in the u.s., reports from walmart and target. at 8:30, we get weekly jobless claims. october consumer price index. and the november empire state survey. in corporate news, bp expected to pay a record u.s. criminal penalty and plead guilty to criminal misconduct in the 2010 deepwater horizon disaster, a plea deal reached with the department of justice reportedly may be announced as soon as today. reuters says bp will plead guilty in exchange for a waiver of future prosecution on the charges. bp says it is in discussions, but no final agreement has been reached yet. >> fun to have you here today. we do hope mr. kernen get better very soon. he's not normally sick. >> he never calls out sick. so he must be really sick. >> i think there's a flu going around. >> convenient for all of us. i took chips out of his bag yesterday and now i'm -- >> who is the guy sitting in his seat? >> can we get some lie sole over here? >> let's get back to the topic dominating the conversation from wall street to washington right now. of course it is the looming fiscal cliff. we have made it
CNBC
Nov 15, 2012 9:00am EST
territory. >> the head of mcdonald's u.s. business is out and jeff stratton will assume that business starting january 1. capped off last month with the first decline in monthly sales in about nine years. we'll begin with a teale of two retailers. walmart, revenues coming in short of forecast. -- as for target, the company posted third quarter earnings well above estimates, says it's poised for a strong fourth quarter, but walmart has some issues here, jim. they're talking countries including but not limited to brazil, china and some others too. >> yeah, i was thinking it bick, not brick. russia has been left out of the equation, foreign corrupt investigation, not a great number here at all. the stock had become a very big institutional favorite. if you recall during the mexican investigation, when "new york times" piece it, the stock was trading between 57 and 58. they were then overridden by a couple of really good, solid quarters. this was not the quarter that anyone was looking for. >> except for those who sold the stock over the last couple of weeks. i mean that stock has started
CNBC
Nov 30, 2012 4:00pm EST
because the underlying fundamentals in the u.s. economy are clearly improving, and you also have a stabilization or soft landing happening in china at the same time. >> david kelly, what do you want to be doing here? what's your strategy for the fiscal cliff? do you think we go over it, and what do you want to do? >> for a long-term investor, you don't try and play this one. i agree with stephanie about the market probably going higher once they get a resolution. they will get a resolution. it's possible it could go into early january. i still think they're more likely to get a resolution done before the end of the year. either way, they'll get a resolution done. when that happens, then we'll resort to looking at the u.s. economy, which is strengthening a bit here. also, the extreme and relative valuations between high-quality fixed income and equities will push money towards equities. i would not run for cover here because of the volatility. i think you just have to, you know, hold your ground through this and hope that the market moves higher next year. >> bob, this activity at
CNBC
Nov 8, 2012 12:00pm EST
attractive, not just in the u.s., but abroad you'll invite a lot of competitors. so the delta between what you're creating versus the competitors versus every rnd strategist on the planet will narrow and it will continue to have a lead and maybe not a lead as substantial as they used to have, but for your commentator to say that your company isn't special anymore and this is a company that generates $1 billion of free cash flow per week and it's ludicrous to say this and probably the most important and most successful in the planet. >> so porter, what turns it around. what gets sentiment back going the other direction and that's all that matters to people that believe the apple story. >> the headlines earlier this week is that apple is losing market share in the tablet business and of course, they will because they invented that product category and there are now a dozen competitors and the market is growing at over 50% a year and so there's plenty of room to go. they are definitely, as paul pointed out. they are the market leader and they're going to have less share of a bigger, growing m
CNBC
Nov 19, 2012 9:00am EST
, this is fascinating. the fiscal cliff issue is a reason for many markets to move in the u.s. it's also big reason in europe and as it overlays several months going back to june with dow jones industrial average, you can see that our market was impacted more by the election but both charts are highly correlated and it's the fact that we are talking potential solutions to our fiscal cliff. melissa lee, back to you. >> thank you very much, rick santelli. just a note here, we're waiting for intel to begin trading again. a delayed open because of news that ceo will be retiring in may. we're awaiting that opening trade. 9:45 eastern time is our latest indication. meantime, will we see a massive correction even if there is a fiscal cliff deal? that's what david shulman is saying. find out why the senior economist is making such a bearish call. brewing job creation. what the folks at sam adams are doing to get food and beverage entrepreneurs a lift. stay tuned. [ male announcer ] introducing the new dell xps 12. part of a whole new line of tablets from dell. it's changing the conversation. ♪ well, havi
CNBC
Nov 28, 2012 6:00am EST
. the obama administration saying that china's currency remains significantly undervalued, but the u.s. treasury department is now stopping short of labeling the world's second biggest economy a currency manipulator. the white house is expected now to send the congress a multi-billion-dollar request on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital. they would possibly sell off parts of that business. finally, we can't get away from the story of twinkies. the bakers union of hostess brands wants a bankruptcy judge to appoint a chapter 11 trustee
CNBC
Nov 14, 2012 6:00am EST
. blankfein writes "there is more than a trillion dollars of cash sitting on balance sheets of u.s. non-financial companies. certain will increase their capital expenditures currently at anemic levels, contributing to a virtuous cycle of jobs and growth." minimizing increases in marginal rates that could stifle risk taking and robust growth. he also stresses the importance of restoring confidence in public finance by implementing spending cuts and revenue increases. in the meantime, dallas fed president richard fisher tells cnbc that the central bank can't do much more to shelter the economy. >> we need to completely reboot tax policy and spending policy. if we have temporary fixes to the fiscal cliff, just push out the envelope of indecision until we have a sense of true direction, and it's time for our politicians to get their act together. >> fisher says he does not view the fed as a safety net. that is certainly a change of perception, one that congress is going to have to figure out pretty quickly along with the rest of washington. >> that it is. there's been a number of interviews
CNBC
Nov 6, 2012 9:00am EST
for chapter 11. different news to digest. sales in the u.s., ford, gm, doing well. japanese automaker selling to china not doing so well. foreign automaker selling into china doing well at bmw. >> i think the suzuki thing mirrors what's happening at ford. >> i had an eye on one of their models. >> which one? >> the one with the four wheels. >> i have a harley in my garage. >> i'm not kidding. >> which garage is it by the way? do you even know? >> one of them is flooded. are you happy with that? >> is there a side car at leas.? >> i have tattoos all of the way up you just don't see them. suzuki blinking, ford, blinking, gm starting to blink. there's anti-globalization going on that we have to notice. some people say that i can't hack it in these markets. toyota was good. bmw was downbeat in terms of future. it wouldn't be something if everyone recognized what alcoa recognized. maybe it's too hard to be global. maybe it's too hard. go, suzuki was broken by the yen. it's hard to do business when you have these currency wars going on. >> how about kimberly getting out of diapers in europe? there'
CNBC
Nov 8, 2012 9:00am EST
time in nearly a decade and the u.s. underperforming. any doubt now that rivals are stealing share? >> retailers like macy's finally quantifying the effect of hurricane sandy. walmart kicking off black friday earlier than ever. we start this morning with the markets looking to bounce back from yesterday's selloff and nearly 1313 drop in the dow. europe on wall street's radar after the ecb and bank of england kept key rates unchanged. draghi holding a press conference right now saying he sees economic rekafr ri remaining weak and reforms are crucial to boosting growth potential on top of greece passing an unpopular package of austerity measures on wednesday and necessary for greece to receive another round of international financial aid. china's ruling communist party congress con vealing today in a leadership change. so much to digest overseas, jim. what came out of the ecb is expected. came out of greece seems to be largely expected. but spain still resisting. a bailout. that's trouble. >> i know. every day the crucial -- that's the crucial link. you have to give them the good loa
CNBC
Nov 30, 2012 9:00am EST
. china was down. they did have tremendously difficult comparisons. u.s. was also weaker. this was just not a good quarter. >> that's true. >> so ubs goes to neutral and trims estimates and cuts price target from 84 to 73. they say that deceleration is going into q-2. >> yum we're not that crazy about. chipotle. panera is a standout. this has been a terrific group. it lost its luster. entire quick serve contingent has become a place that people are worried about with the exception of highest value. panera. it's a decent stock. >> what's also surprising about what young came out with last month is they were talking about china. they weren't overly cautious about china. at the same time we've been getting better and better data points when it comes to china. economic data has been in fact turning. we haven't seen the stock market in china join and now we're not seeing it in yum. yum had once been the big multinational china play. if yum can't make it work, what other companies will we start to look at? will we look at nike or another multinational with a decent amount of growth from sales
CNBC
Nov 23, 2012 1:00pm EST
see things that are happening not only in the u.s. but on a global basis. it would lead me to believe that the market could be up 10% or more next year. i would -- >> what are you seeing when you say you are looking around the world that makes you believe we'll go higher? >> i see several things. i see emerging markets have slurmd in the second half of the year. i think those are improving, specifically in china. i see the eurozone committed to economic stimulus through their monetary system in the ecb. i think that's very positive for that market. and in the u.s. here, i see employment getting better. i see clarity on the fiscal cliff next year and i see the housing market getting better around better and i think that's a positive. >> rick santelli, it wasn't just stocks rallying today. here in the u.s., europe had its best week of the year this week. the euro is at a three-week high. gold was very strong today. what's the market telling us right now? >> i think the market's telling us that there's a lot of bargain hunting and a lot of optimism towards europe. that made sense. i thin
CNBC
Nov 1, 2012 4:00pm EDT
that the u.s. doesn't go into a recession? >> well, first i want to say the metaphor fiscal cliff is probably the wrong one. you step off a cliff, that's your last step. for many politicians, the real metaphor is it's a slope. they gradually go into these tax increases and spending cuts. they feel they can turn around and walk back up the slope, retroactively reverse the changes. in that circumstance, in that scenario, it creates a lot of uncertainty for businesses and for taxpayers. what will our taxes be next year? how are we going to make some plans for our business or personal finances? it's that uncertainty that's going to, i think, have adverse effects for the economy. >> okay. that makes a lot of sense. michael jones, how do you want to invest here with all this? >> i think there are times when the market is really simple. don't fight the fed. you certainly don't want to fight the fed when they've got the ecb, the bank of japan, the people's bank of china, and virtually every other central bank on their side. you've had unprecedentedly aggressive monetary stimulus. we have open-ended c
CNBC
Nov 7, 2012 12:00pm EST
, the euro u.s. dollar crosses hugely influential on u.s. stock prices. it has been for a long time and the news we heard out of germany was pretty bad and now you combine that with the fact that we're through this last earning season. and now we're going to plunge into this fiscal cliff stuff and i don't think that anyone believes it's going to be an easy compromise, even the people who think we're going to see a compromise are expecting a run of negative headlines that hits the tape day after day. that's kind of what is going on here. the game is in the obama index and is probably not going to last because selling like this tends to take down everyone in the end. >> but it's telling that that's the only area of the market that appears to be positive today, right? >> i agree. >> and what's the message of the markets today, in your opinion? >> i think that this is a focus shift. this is basically saying, look, we had a lot of tough government budget problems, tough business investor problems that we put off until after the elections and said we have some certainty and we can readdre
CNBC
Nov 26, 2012 1:00pm EST
-mails the recipient a digital itunes code. gifts are currentsly just available to tens of millions of facebook's u.s. users, but will be able as gifts rolls out broadly. this bolsters facebook's retail business tapping into digital content and subscriptions which are the fastest online growing retail category. facebook won't comment on the business model but presumably facebook gets a cut and it does of course benefit when users were more engaged on the site. today facebook shares rallied on a pair of analyst upgrades. this partnership gives apple access to facebook's users securing its position as the leading music distributor as it faces new competition from the likes of microsoft's xbox music, google music and amazon's cloud player. now of course, if facebook can convince more customers to hand over their credit card information using that itunes as a lure, that's of course a good way to get them to spend more money on facebook gifts down the line. >> thank you so much, julia. >>> now the countdown is really on. no pressure. the workers are going back to the office. they're thinking they're going
CNBC
Nov 27, 2012 1:00pm EST
cities but a warning we may head into a recession next year if the u.s. and europe don't solve their fiscal messes. right now the dow industrials a built of a breather down 21 points. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today, president obama meets with small business leaders to make his case for the possibility of higher taxes ahead. our washington correspondent, john harwood, is here with the very latest. hi, john. >> reporter: hi, tyler. you know, everybody is staking out public positions and trying to drive public opinion their way. the president's been doing that all week. he is doing that with his meeting at 2:30 this afternoon with small business leaders from around the country. he is later going to travel to pennsylvania to make his case publicly, part of what he is saying is that if you adopt his plan on the extension of the bush tax cuts that is for the middle class and not for people at the top that almost every small business owner is going to get a tax cut as a result of that. and republicans are staking out their own position t
CNBC
Nov 20, 2012 9:00am EST
's going on in defense. also, regardless of the fiscal cliff there's cuts. the u.s. government is the world's biggest buyer of software associated with the running of any kind of government. that's another kind of corollary here. a big comment from a lot of people in the defense industry about that yesterday. i think they're the first company to come out and make realistic expectations of what will happen in the next couple of years. back to you. >> okay. thank you. dave cote is the head of the curve on all of this. let's shift to bonds and dollar. rick santelli at the cme group in chicago. rick? >> thank you, jim. everyone is excited about good housing numbers. everybody but the fixed income market. everybody but the equity market. i know there's an hp issue here. however, let's look at the charts. let's put up a two-day chart of tens. clearly you can see we're up about a basis point on the day. if you look on the right side of the chart and look around 8:30 eastern, you can't pick out that we had a good housing number. if you really switch this around a bit, you look at the shorter mature
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